Home Buying in Traverse City>Question Details

Brandy, Home Buyer in Michigan

How can I get out of My Purchase Agreement for my home? Lease to Own with Purchase Agrement. Michigan

Asked by Brandy, Michigan Fri Feb 13, 2009

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5
Brandy,

That is a VERY loaded question. There are LOTS of questions we would need to have answered to have any idea of how that might play out for you. At this point, all anyone can do is advise you to seek legal counsel.

Derek Bauer
Real Estate One
Web Reference: http://www.DoorToDreams.com
1 vote Thank Flag Link Fri Feb 13, 2009
Brandy,

Couldn't agree more with the advice to contact an attorney. My firm is based in Traverse City and I would be happy to provide you with the names of some solid attorneys that may be able to help. Of course a conversation with your Realtor would be appropriate in advance, especially if they were working on your behalf as a Buyer's Agent. Good luck. Please contact me at your convenience if I may be able to help.

Chad Brown
Broker / Owner
Homewaters, L.L.C.
0 votes Thank Flag Link Fri Feb 13, 2009
Brandy,

As Maureen stated, you should definately contact your Realtor and real estate attorney. They will be able to explain what happens if you choose to cancel the contract. Typically you will loose the deposit or earnest moneys you put down, but you may be able to negotiate with the seller. Depending on how quickly you are looking to leave, the seller may agree to list the property for sale again and as long as it is under contract with a new buyer prior to your departure, you either get a portion of or all of your deposit back.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors
0 votes Thank Flag Link Fri Feb 13, 2009
Brandy,
There are alot of variables that bear on the answer to this question. The best thing you can do is contact a good real estate attorney in your area and get their opinion. Ask your agent, I am sure he or she can provide you with someone they have worked with in the past who can give you some guidance.
0 votes Thank Flag Link Fri Feb 13, 2009
Brandy,

Look at your contract and ask your agent or attorney how you can get out. There are typically contingencies that allow you to get out. You need to know what these are and the contract stipulates them.

Good luck!
0 votes Thank Flag Link Fri Feb 13, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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